BHP Billiton Mulls Australia Iron Ore Investment
March 28 2017 - 11:26PM
Dow Jones News
By Rhiannon Hoyle
SYDNEY--BHP Billiton Ltd. (BHP.AU) said plans to develop its
South Flank iron-ore deposit in remote northwest Australia are the
most likely way it will replace production from its aging Yandi
operation.
BHP has been mulling new investments in its iron-ore business
given its Yandi mine, which currently produces about 80 million
tons a year, or roughly one-third of BHP's iron ore, is expected to
run out of resources in the coming five-to-10 years.
"We are looking at options to replace this production" and
"South Flank is the preferred long-term solution, subject to board
approval being obtained," Western Australia Iron Ore Asset
President Edgar Basto said on Wednesday.
He said BHP is confident in the outlook for its iron-ore
business, which the world's No. 1 miner by market value relies on
for a large portion of its profits, despite projecting that rising
global supplies will outpace demand in the years ahead.
Write to Rhiannon Hoyle at rhiannon.hoyle@wsj.com
(END) Dow Jones Newswires
March 28, 2017 23:11 ET (03:11 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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